- Your interest rate and annual percentage yield may change.
Frequency of rate changes-
- We may change the interest rate on your account at any time.
Determination of rate-
- At our discretion, we may change the rate on your account.
Compounding and crediting frequency-
- Interest will be compounded every month. Interest will be credited to your account every month.
Effect of closing an account-
- If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account-
- You must deposit $100.00 to open this account.
Minimum balance to avoid imposition of fees-
- If the average daily balance for the monthly statement cycle falls below $2,000.00, fees will be assessed on this account. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
Minimum balance to obtain the annual percentage yield disclosed-
- We do not require you to maintain a minimum average daily balance in the account to obtain the disclosed annual percentage yield.
Average daily balance computation method-
- We use the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the monthly statement cycle.
Accrual of interest on noncash deposits-
- Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (i.e., checks).
- A maintenance fee of $7.50 will be charged each month. A debit transaction fee of $.15 will be charged for each debit during a statement cycle. These fees will apply if the average daily balance requirement of $2,000.00 is not met.
- E-Statements are available for accounts enrolled in Online Banking.
- Cancelled checks can be returned in an image format.
- A convenient binder is provided to you upon opening your account.